BTC Price Analysis

Technical signals:
Support level: The current price is approaching the short-term key support levels of $118,500 (EMA60 moving average) and $117,500 (Fibonacci 50% retracement level). If the price stabilizes in this range, a short-term bottom may form.
Resistance level: The price needs to break through the psychological level of $120,000 and the previous high resistance at $122,000 to confirm a trend reversal.
Volume Observation: Recently, the trading volume has shrunk, indicating low market participation, and the directional choice is not yet clear.
Conclusion: The current price is at the lower end of the oscillation range, but it has not yet clearly stabilized. We need to see if support forms around $118,500, or if it further dips to $117,500.
Operational Suggestions
Short-term strategy:
Long Position: If the price pulls back to stabilize between $118,500 and $119,000, take a light position to go long, with a stop loss at $118,000 and a target of $120,500 to $121,000.
Short Position: If the price rebounds to the resistance level of 120,800-121,200 USD, combined with a signal of declining trading volume, a short position can be attempted with a stop loss at 121,500 USD and a target of 119,500-119,000 USD.
Long-term strategy:
Long position: Accumulate in batches after stabilizing above 120,000 USD, stop loss at 117,500 USD, target the psychological level before the previous high of 125,000 USD.
Short Position: If it breaks below $118,500, set up a medium-term short position, stop loss at $118,500, target $115,000-$113,000 (pullback to institutional cost area). #ETH突破$4,600 #CPI数据来袭 #BTC #ETH